Tech Mahindra approves acquisition of 100% stake in Thirdware Solutions; Stock trades flat

14 Mar 2022 , 11:06 AM

Tech Mahindra Limited has approved the proposal to acquire 100% equity shares in Thirdware Solutions Limited. Tech Mahindra will pay total consideration of up to USD 42 million including earnouts.

The company said in a regulatory filing on Saturday that this acquisition will bolster Tech Mahindra’s digital solutions and services in automotive consulting, design, development, and implementation in areas like ERP (Enterprise Resource Planning), EPM (Enterprise Performance Management), RPA (Robotic Process Automation), and IIoT (Industrial Internet of Things).

Thirdware’s capability to provide end-to-end implementations and global rollouts of ERP solutions will give Tech Mahindra an edge in the manufacturing space, it added.

At around 11.09 am, Tech Mahindra Ltd was trading at Rs1,493 per share up by Rs6.05 or 0.41% from its previous closing of Rs1,486.95 per share on the BSE.